The key equity indices gave up all the gains and traded with minor losses in early afternoon trade. The Nifty traded around the 18,700 level after hitting day's high of 18,777.90 in mid-morning trade. Realty shares witnessed profit booking after rising for six consecutive trading sessions. Trading could be volatile due to expiry of weekly index options on the NSE.
The barometer index, the S&P BSE Sensex, was down 52.26 points or 0.08% to 63,090.70. The Nifty 50 index lost 24.95 points or 0.13% to 18,701.45.
In the broader market, the S&P BSE Mid-Cap index declined 0.59% while the S&P BSE Small-Cap index shed 0.32%.
The market breadth was negative. On the BSE, 1,444 shares rose and 1,988 shares fell. A total of 126 shares were unchanged.
RBI Maintains Status Quo on Rates:
The Reserve Bank of India (RBI) monetary policy committee (MPC) has voted unanimously to keep the repo rate unchanged at 6.5%.
The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.
The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.
These decisions are in consonance with the objective of achieving the medium term target for consumer price index (CPI) inflation of 4% within a band of +/- 2 per cent, while supporting growth, RBI stated.
The central bank has cut inflation aim to 5.1% from 5.2% forecast in April policy.
Meanwhile, the RBI Governor Shaktikanta Das said real GDP growth is projected at 6.5% for FY24, ? Q1 at 8%, Q2 at 6.5%, Q3 at 6% and Q4 at 5.7%.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.65% to 11.37. The Nifty 29 June 2023 futures were trading at 18,752.40, at a premium of 50.95 points as compared with the spot at 18,701.45.
The Nifty option chain for the 29 June 2023 expiry showed maximum Call OI of 38.9 lakh contracts at the 19,000 strike price. Maximum Put OI of 57.1 lakh contracts were seen at 18,000 strike price.
Buzzing Index:
The Nifty Realty index declined 1.60% to 498.20. The index jumped 6.54 in past six trading sessions.
DLF (down 2.65%), Godrej Properties (down 2.14%), Brigade Enterprises (down 2.13%), Macrotech Developers (down 1.99%), Oberoi Realty (down 1.43%), Sobha (down 0.6%), Indiabulls Real Estate (down 0.6%), Phoenix Mills (down 0.03%) slipped.
On the other hand, Prestige Estates Projects (up 0.64%) ,Mahindra Lifespace Developers (up 0.34%) advanced.
Stocks in Spotlight:
Gati surged 5.91% after the company's total volume, including surface and air express, stood at 98 kiloton (kt) in May 2023, up 1% from 97 kt in May 2022.
Spicejet jumped 4.90% after the company said that it will partner with FTAI Aviation to restore fleet under CFM56 revitalization program.
IndusInd Bank rose 0.01%. The bank said that it has been appointed as an authorized 'agency bank' by the Ministry of Finance, Madhya Pradesh State Government. This appointment will enable IndusInd Bank for online collection of state government revenue and receipts such as GST and VAT, collection of stamp duty and pension amounts on behalf of the Madhya Pradesh state government.
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